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Sunday, 23 June 13
SHIP PRICES NOT FOLLOWING FREIGHT MARKET FUNDAMENTALS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Although it's been the case in many occasions in the past, it appears that ship prices haven't been quite following freight market fundamentals, in terms of future prospects. According to the latest report from shipbroker Intermodal, over the past couple of months we have seen a drastic decoupling of the SnP markets from the reality of the freight markets. "This slowly developing two-tier structure is nothing new, however the widening gap between the two has recently been of much concern to most market players. But why is this gap developing and more crucially, is it sustainable?", wondered Intermodal's Research Analyst, Mr. George Lazaridis.
Attempting to explain this odd situation, he notes that "in the past any widening gap was more difficult to sustain as the fewer amount of asset players in the market left for a market environment with considerably less speculation. During the 2000’s boom this all changed rapidly as the financial markets started to heavily influence the way shipping people made investment decisions. The world of derivatives and complex financial instruments entered our world and had a profound effect, shifting our perspective of the ship itself. It no longer has the image of an industrial machine for transportation, but rather an exchangeable commodity that through time will fluctuate wildly in value. Fast forwarding to where we are today it seems that a part of that legacy has caused the creation of a more forward looking investor who is able to see the benefits of acting in a “bad market” in the hope that he has read the market correctly and that through the life of his investment the average return will be sufficiently lucrative", he said in the weekly report.
Lazaridis went on by noting that "looking at some of the latest deals that we have seen, is there any evidence that these have been done through valid analysis of the current market fundamentals or is it just wildly speculative? The answer to this is that we don’t know. With the market fluctuating in such a volatile way and so unpredictable at times, it seems to be that each investor has different beliefs as to where the market will be over the next couple of months. Its majority rule here and as the lack in serious sellers has kept buyers on their toes, prices have inevitably gone up as each interested buyer outbids the other in order to secure one of the few new sales candidates circulating the market", he said.
According to the analyst, "the nature of all these buyers has been the main driver of the recent price trends. Most upscale European buyers that would typically look at very modern units had been fairly inactive during most of 2012. Their sudden interest created a flurry of activity and over the past 5 months pushed prices up by between 15-20% for vessels of less than 10 years old across most size segments. Panamaxes and Supramaxes have been the ones drawing the most attention and as such have shown the biggest rise in prices", Lazaridis said.
Concluding his argument, he pointed out that "going back to the point of decoupling markets, freight rates have followed a wildly different course. Spot Rates are currently trending at considerably lower than the average seen during 2012 (in the case of Panamaxes that’s around 3% lower) and we haven’t even gone through the summer lull period yet.
FFA’s are also supporting this point further, with expectation for forward rates being soft for a considerable period into the future, although there has been a small upward correction over the past weeks. Even in the case where one would believe of an improving market within 2014 and 2015, there seems to be no reasonable basis for paying an extra premium this early in the cycle and in effect also having to suffer through several months of poor rates, while even the possibility for a recovery being so fragile and there is a constant overshadowing threat that further new ordering could take place and once again engulf the market with excess tonnage. Bets are being placed but I’m not sure that these current premiums will be sustained throughout 2013. As things hold in certain markets such as that of modern panamaxes, it seems to be a better option to sit on the sidelines and act coy in hope that the flock of current buyers will take their pickings and leave the markets once again to drop back down to levels that make more business sense", he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 13 April 13
THE FREIGHT MARKETS EXPECTED TO HOLD FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - This freight market firmed up this week and all sectors were up except for Supramax index.
The BDI was up by 1.62 pct closing at 8 ...
Friday, 12 April 13
DRY BULK SHIP OWNERS DEVELOPED NEWFOUND APPETITE FOR BULKERS DURING FIRST QUARTER OF 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's official; more and more ship owners operating in the dry bulk market appear to have developed a newfound optimism in the market's prospects. ...
Thursday, 11 April 13
HANDY: INDO - INDIA NOW BEEN REPORTED AT APS BASIS AT USD 10K+BB 85K - FEARNLEYS
Handy
The Atlantic markets remain with not many cargoes seen this week. The USG-Feast was at USD 18k and Black Sea-Feast was at USD 12k. The Pacifi ...
Thursday, 11 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 15.96 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,545,914 tons of thermal and coking coal for week ended 0700 hours 8 April 2013, Newcas ...
Thursday, 11 April 13
TNEB HAS OPENED 4.2 MILLION TONS IMPORTED COAL TENDER
COALspot.com - TANGEDCO, the state run utility TANGEDCO (formerly known as TNEB), Tamil Nadu state owned electricity company has opened bids to purc ...
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- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
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